By a Rehoboth Beach Realtor

Recently, I received an email about a TV ad; I don’t watch TV but if you do watch TV, you may know of such things as this:

There was a very professionally done TV Advertisement that was showing how everyone should re-finance their home and the AD had a big note at the end to go to Channel 101 for the rest of the story. There on channel 101 was a several minute commercial running over and over again showing dramatic examples as to why a couple should re- finance right away in order to pay for college for the kids, pay off old bills, pay off credit cards, get a new car, get new computers and a new big screen TV and there was even a dramatic story on why the couple should borrow money to put into investments or savings for their retirement! Such a loan is great for the lender but financially deadly for the borrower…..

 In the last few years, in our area and in most other areas of our country there has not been any increase in value of a home….

Many of the homes on the market today can not sell. The owners in far too many cases have taken Home Equity Lines of Credit on their homes in the last 5 years and if they have; they most likely don’t have enough equity to sell their homes as they most likely owe more on the home than it is worth in today’s market. They may be stuck and may not be able to sell their home for many more years. The home they bought as an investment may have turned into a financial prison.